Gold Price Forecast – Gold Markets Continue to Show Signs of Safe Haven Trade

Gold Price Predictions Video for 11.10.23

Gold Market Technical Analysis

Gold markets have gapped to the upside to show signs of strength yet again, as the safety trade is back in vogue. With the tensions flaming in the Middle East now, it does make a certain amount of sense that gold would be ran toward to protect well. However, you also need to keep in mind that the bond market has been closed on Monday, so it’ll be interesting to see how this behaves on Tuesday, as interest rates will come back into play.

The 50-Day EMA is starting to restore the 200-Day EMA, and is in the midst of crossing, forming the so-called “death cross.” The market has been very negative recently, and this bounce was probably something that needed to happen. Signs of exhaustion would more likely than not end up being the trigger for me to start shorting gold, but I am aware of the fact that the moving averages will of course offer a significant amount of resistance.

Any sign of exhaustion is a selling opportunity from what I can see, and the $1900 level is a major round figure that a lot of people will pay close attention to. With that being the case, I think you have to look at this through the prism of whether or not we can continue to see momentum, or if money will start flowing back into the treasury market, as a safety trade instead of the gold market. On the other hand, if interest rates start to spike, that eventually will continue to show signs of weakness in this market.

If we were to break above the moving averages, both the 50-Day EMA and the 200-Day EMA, then the market could start to take out to the upside but quite frankly I think we’ve got a situation where gold is going to continue to be held hostage to the US dollar. The $1800 level underneath will be massive support, if we can break down below there, then it’s likely that the market could continue to go much lower. I don’t necessarily think that’s going to happen in the short term, but it is something to keep in the back of your mind going forward.

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